When was the last time you reviewed your Estate Planning documents? Many people think creating a will, trust, or power of attorney is a one-and-done event. But in reality, laws change, family situations evolve, and what worked 5 or 10 years ago may now leave your loved ones unprotected. Let’s talk about why keeping your Estate Plan up to date is not just a formality — it’s essential to safeguarding your family’s future.
Common Mistakes: What Happens When You Don’t Update?
It’s easy to set aside Estate Planning and asset protection paperwork and forget about it. But failing to review and update these documents can lead to unintended consequences, such as:
- Beneficiaries who are no longer part of your life (e.g., ex-spouses, estranged relatives) inheriting your assets.
- Outdated powers of attorney or advance directives that banks and hospitals may refuse to honor.
- Trusts or wills that don’t reflect new assets, real estate, or changes in your family structure (such as births, deaths, marriages, or divorces).
- Relying on wills that put your estate through the nightmare of probate instead of using a revocable living trust to avoid probate.
- Using just a revocable trust to avoid probate when what you really want is the Living Trust Plus® to protect your assets from probate plus lawsuits plus long-term care expenses.
- Tax law changes that increase the burden on your heirs.
These are not rare occurrences. Every day, families are forced into costly probate battles or lose significant assets to long-term care expenses simply because their Estate Plan was out-of-date.
What’s Changed? New Laws, New Risks
Every year, several important legal updates increase the urgency for regular Estate Plan reviews. For example, recent changes to Medicaid eligibility and home equity rules mean that what was once a protected asset may now be at risk of being lost to long-term care costs. If your documents reference old statutes or fail to account for these new regulations, your intentions may not be honored.
Additionally, as digital assets and online accounts become a bigger part of our lives, it’s important to ensure your Estate Plan includes clear instructions for handling these resources. Many older documents don’t address digital property, leaving families in the dark when the time comes to settle an estate.
How Often Should You Review Your Estate Plan?
As a rule of thumb, you should review your Estate Planning documents every three to five years — or immediately after any major life event. These include:
- Turning 65 or retiring.
- Being diagnosed with a life-altering disease, such as Alzheimer’s or any other degenerative disease.
- Marriage, divorce, or remarriage in your family.
- Birth or adoption of a child or grandchild.
- Death or incapacity of a beneficiary or executor.
- Significant changes in your assets or financial situation.
- Relocation to a different state.
- Changes in the law that you hear about.
Even if nothing major has changed in your life, a periodic review ensures your documents remain legally sound and reflect your current wishes.
One Solution: The Lifetime Protection Plan®
At the Farr Law Firm, we recognize that Estate Planning is not a onetime event. That’s why we offer the Lifetime Protection Plan® for our clients — an ongoing service that ensures your documents are reviewed and updated as needed, so they always have the proper effect under the law. This proactive approach provides peace of mind, knowing your plan will work exactly as intended when your family needs it most.
Learn more about how the Lifetime Protection Plan® keeps your Estate Planning current and effective.
Take Action: Don’t Let Your Family Face Unnecessary Stress
The cost of a review is minimal compared to the potential financial and emotional toll of an outdated plan. If you haven’t looked at your estate documents in the last few years, or if you’re unsure whether they reflect recent legal changes, now is the time to act. Our team can help you identify gaps, update your plan, and ensure your legacy is protected for those you love.
For more insights on Estate Planning and Elder Law, browse our Everything Elder Law blog for the latest articles and guidance.
